Starting a Business

An organisation that produces goods or services, usually in exchange for money and in order to make a profit.

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Why start a business?

To pursue an interest or job. To escape an uninteresting job. To use new technology or ideas for making a profit. To work from home. To be their own boss. To make the most of a business opportunity. To have a big business one day.

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Partnership definition:

Between 2-20 owners. These owners share responsibility, costs and risks. Each partner will get a share of the profit among themselves. The partners are jointly responsible for the debts. Has unlimited liability.

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Sole trader definition:

A business which is owned by 1 person. For example, if you set up a business making hot dogs by yourself then you are a sole trader.

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Objective:

A clearly defined target for a business to achieve over a period of time.

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Why set objectives:

Helps measure success. Helps with decision making. Gives a target to aim for - good for motivation. Keep things clear.

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Other cards in this set

Card 2

Front

To pursue an interest or job. To escape an uninteresting job. To use new technology or ideas for making a profit. To work from home. To be their own boss. To make the most of a business opportunity. To have a big business one day.

Back

Why start a business?

Card 3

Front

Between 2-20 owners. These owners share responsibility, costs and risks. Each partner will get a share of the profit among themselves. The partners are jointly responsible for the debts. Has unlimited liability.

Back

Card 4

Front

A business which is owned by 1 person. For example, if you set up a business making hot dogs by yourself then you are a sole trader.

Back

Card 5

Front

A clearly defined target for a business to achieve over a period of time.